The Reserve Bank of India (RBI) on January 30, 2025, issued a Framework for imposing monetary penalty and compounding of offences under the Payment and Settlement Systems Act, 2007 with reference to the Circular DPSS.CO.OD.No.1328/06.08.005/2019-20 dated January 10, 2020.
Keeping in view the amendments to the provisions of the Payment and Settlement Systems Act, 2007 (PSS Act), and with the objective of rationalising and consolidating enforcement action by the Reserve Bank of India, it has been decided to amend the instructions contained in the framework.
The revised framework shall supersede the aforementioned Circular and come into effect from Janaury 30, 2025.
Kindly find the framework attached to the document below.
[Notification No. RBI/2024-25/108 EFD.CO.No.1 /02.08.001/2024-25]
